ST JOE Co Segments Disclosure
18. Segment Information
The Company conducts primarily all of its business in the following three reportable segments: 1) residential, 2) hospitality and 3) commercial. The Company’s reportable segments are strategic business units that offer different products and services. They are each managed separately and decisions about allocations of resources are determined by management based on these strategic business units.
The Company’s residential segment typically plans and develops residential communities of various sizes across a wide range of price points and sells homesites to homebuilders or retail consumers. The Company’s hospitality segment features a private membership club, hotel operations, food and beverage operations, golf courses, beach clubs, retail outlets, gulf-front vacation rentals, marinas and other entertainment offerings. The hospitality segment may also generate revenue from the sale of operating properties. The Company’s commercial segment includes leasing of commercial property, multi-family, self-storage and other assets, as well as senior living prior to the sale of the Watercrest JV’s senior living community property in September 2025. The commercial segment also oversees the planning, development, entitlement, management and sale of the Company’s commercial and forestry land holdings for a variety of uses, including a broad range of retail, office, hotel, senior living, multi-family, self-storage and industrial properties. The commercial segment also manages the Company’s timber holdings, which includes growing and selling pulpwood, sawtimber and other products. All real estate assets and operations are in Northwest Florida.
The accounting policies of the segments are the same as those described herein. Total revenue represents sales to unaffiliated customers, as reported in the Company’s consolidated statements of income. All significant intercompany transactions have been eliminated in consolidation. The Company uses total segment revenue, gross profit and income before income taxes and non-controlling interest and other qualitative measures for purposes of making decisions about allocating resources to each segment and assessing each segment’s performance, which the Company believes represents current performance measures.
The Company’s President, Chief Executive Officer and Chairman of the Board is the Chief Operating Decision Maker (the “CODM”). For the residential, hospitality and commercial segments, the CODM uses segment revenue, gross profit and income before income taxes and non-controlling interest to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis for the profit measures when making decisions about allocating capital and personnel to the segments. The CODM also uses segment revenue and gross profit for evaluating product pricing and segment income before income taxes and non-controlling interest to assess the performance for each segment by comparing the results and return on assets of each segment with one another and in the compensation of certain employees.
The Company does not allocate income taxes or unusual items to segments. In addition, the hospitality and commercial segments have significant noncash depreciation and amortization in reported profit or loss.
The captions entitled “Other” consists of mitigation bank credit sales and cost of revenue; real estate brokerage, title insurance agency and insurance agency business revenue and cost of revenue; corporate operating expenses; corporate depreciation and amortization and corporate other income and expense items.
Information by business segment is as follows:
Year Ended December 31, | ||||||||
2025 | | 2024 | | 2023 | ||||
Operating revenue: | |
| |
| | |||
Residential | $ | 165,091 | $ | 117,007 | $ | 155,820 | ||
Hospitality |
| 220,748 |
| 202,701 |
| 154,574 | ||
Commercial (a) |
| 118,978 |
| 78,575 |
| 74,437 | ||
Other |
| 8,429 |
| 4,454 |
| 4,454 | ||
Consolidated operating revenue | $ | 513,246 | $ | 402,737 | $ | 389,285 | ||
Cost of revenue: |
| |
| |
| | ||
Cost of residential revenue (b) | $ | 83,521 | $ | 62,028 | $ | 77,946 | ||
Cost of hospitality revenue (b) |
| 151,914 |
| 138,834 |
| 124,813 | ||
Cost of commercial revenue (a) (b) |
| 50,184 |
| 31,595 |
| 30,300 | ||
Cost of other revenue (b) |
| 6,657 |
| 3,059 |
| 2,920 | ||
Consolidated cost of revenue (b) | $ | 292,276 | $ | 235,516 | $ | 235,979 | ||
Gross profit: | ||||||||
Residential | $ | 81,570 | $ | 54,979 | $ | 77,874 | ||
Hospitality | 68,834 | 63,867 | 29,761 | |||||
Commercial (a) | 68,794 | 46,980 | 44,137 | |||||
Other | 1,772 | 1,395 | 1,534 | |||||
Consolidated gross profit | $ | 220,970 | $ | 167,221 | $ | 153,306 | ||
Corporate and other operating expenses: |
| |
| |
| | ||
Residential (b) | $ | 4,675 | $ | 4,712 | $ | 4,501 | ||
Hospitality (b) |
| 1,890 |
| 1,535 |
| 1,820 | ||
Commercial (b) |
| 4,632 |
| 3,807 |
| 4,321 | ||
Other (b) |
| 16,071 |
| 15,196 |
| 13,155 | ||
Consolidated corporate and other operating expenses (b) | $ | 27,268 | $ | 25,250 | $ | 23,797 | ||
Depreciation, depletion and amortization: |
| |
| |
| | ||
Residential | $ | 179 | $ | 244 | $ | 211 | ||
Hospitality |
| 28,509 |
| 27,021 |
| 22,101 | ||
Commercial |
| 18,362 |
| 18,736 |
| 16,056 | ||
Other |
| 421 |
| 384 |
| 408 | ||
Consolidated depreciation, depletion and amortization | $ | 47,471 | $ | 46,385 | $ | 38,776 | ||
Investment income, net: |
| |
| |
| | ||
Residential | $ | 1,402 | $ | 1,616 | $ | 1,691 | ||
Hospitality | 199 | 144 | 265 | |||||
Commercial | 92 | 54 | 49 | |||||
Other (c) |
| 11,465 |
| 11,690 |
| 11,277 | ||
Consolidated investment income, net | $ | 13,158 | $ | 13,504 | $ | 13,282 | ||
Interest expense: |
| |
| |
| | ||
Residential | $ | 361 | $ | 392 | $ | 421 | ||
Hospitality | 10,379 | 11,776 | 9,657 | |||||
Commercial |
| 10,840 |
| 12,538 |
| 11,680 | ||
Other (d) |
| 8,902 |
| 8,878 |
| 8,860 | ||
Consolidated interest expense | $ | 30,482 | $ | 33,584 | $ | 30,618 | ||
Year Ended December 31, | ||||||||
2025 | | 2024 | | 2023 | ||||
Equity in income (loss) from unconsolidated joint ventures: | ||||||||
Residential (e) | $ | 32,238 | $ | 29,271 | $ | 23,627 | ||
Commercial (f) | (6,612) | (5,693) | (926) | |||||
Consolidated equity in income from unconsolidated joint ventures | $ | 25,626 | $ | 23,578 | $ | 22,701 | ||
Other (expense) income, net: | ||||||||
Residential | $ | (206) | $ | 177 | $ | 920 | ||
Hospitality (g) | 1,878 | (286) | (82) | |||||
Commercial | (1,169) | (664) | 30 | |||||
Other | 77 | 37 | 3,095 | |||||
Other income (expense), net | $ | 580 | $ | (736) | $ | 3,963 | ||
Income (loss) before income taxes: |
| |
| |
| | ||
Residential (e) | $ | 109,789 | $ | 80,696 | $ | 98,978 | ||
Hospitality (g) |
| 30,133 |
| 23,393 |
| (3,635) | ||
Commercial (a) (f) |
| 27,271 |
| 5,596 |
| 11,233 | ||
Other (c) (d) |
| (12,080) |
| (11,337) | (6,515) | |||
Consolidated income before income taxes | $ | 155,113 | $ | 98,348 | $ | 100,061 | ||
Capital expenditures: |
| |
| |
| | ||
Residential | $ | 77,878 | $ | 68,098 | $ | 74,362 | ||
Hospitality |
| 8,899 |
| 27,964 |
| 72,275 | ||
Commercial |
| 18,648 |
| 30,561 |
| 70,077 | ||
Other |
| 2,679 |
| 2,746 |
| 1,047 | ||
Total capital expenditures | $ | 108,104 | $ | 129,369 | $ | 217,761 | ||
| December 31, | | December 31, | |||
2025 | 2024 | |||||
Investment in unconsolidated joint ventures: | ||||||
Residential | $ | 51,649 | $ | 53,399 | ||
Commercial | 14,403 | 13,055 | ||||
Total investment in unconsolidated joint ventures | $ | 66,052 | $ | 66,454 | ||
Total assets: |
| |
| | ||
Residential | $ | 238,506 | $ | 241,435 | ||
Hospitality |
| 450,534 |
| 460,604 | ||
Commercial |
| 505,490 |
| 515,955 | ||
Other |
| 323,896 |
| 320,580 | ||
Total assets | $ | 1,518,426 | $ | 1,538,574 | ||
| (a) | Includes the sale of the Watercrest JV’s senior living community property, generating revenue of $41.0 million, cost of revenue of $21.6 million and gross profit of $19.4 million in 2025. Following the sale, the Watercrest JV ceased operating activities. See Note 4. Joint Ventures for additional information. |
| (b) | Excluding depreciation, depletion and amortization, shown separately above. |
| (c) | Includes interest income from investments in SPEs of $8.0 million in each of 2025, 2024 and 2023. |
| (d) | Includes interest expense from Senior Notes issued by SPE of $8.9 million in each of 2025, 2024 and 2023. |
| (e) | Includes $32.2 million, $29.3 million and $23.6 million of equity in income from unconsolidated joint ventures during 2025, 2024 and 2023, respectively, related to the Latitude Margaritaville Watersound JV. See Note 4. Joint Ventures and Note 17. Other Income, Net for additional information. |
| (f) | Includes $2.1 million and $0.9 million of equity in loss from unconsolidated joint ventures related to the Pier Park RI JV during 2025 and 2024, respectively. The hotel opened in April 2024 and activity in the current period includes start-up, depreciation and interest expense for the project. Includes $4.1 million, $4.4 million and $0.7 million of equity in loss from unconsolidated joint |
| ventures related to the Watersound Fountains Independent Living JV during 2025, 2024 and 2023, respectively. The community opened in March 2024 and is currently under lease-up. See Note 4. Joint Ventures and Note 17. Other Income, Net for additional information. |
| (g) | Includes gain on disposition of assets of $2.6 million related to the sale of the N850J aircraft previously used in hospitality operations. See Note 17. Other Income, Net for additional information. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 2, 2017 | |
| 2015 | Mar 3, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.